Overview
- Residential
- 9029
Description
Location
Description
Highly prominent mixed use investment. Was producing £123,220 p.a. (c£100,000 after costs). Popular Irish Pub with live music tenanted to 2038 with fixed increase to £55,000 p.a. in 2029 and a further Index Linked review in 2034. + 7 residential Lets fully refurbished in 2021. Comprising 2x apartments, 4 x studios & a 4-bed HMO. Tenanted furnished on standard AST's. Ideal location for Air BnB.
There are two entrances to the residential; one off Ford Street to 5 Flats, and one off Friar Gate to 2 Flats, limiting common areas for reduced maintenance costs.
Viewing
Please contact us or visit the OMEETO website for full details and a virtual tour. Physical viewings with proceedable parties can be arranged on request by contacting our commercial property agents. OMEETO do not take any responsibility for any loss or injury caused whilst carrying out a site visit.
VAT
All figures are quoted exclusive of VAT. We are advised the Pub (the commercial element) is registered for VAT. VAT will be applicable at the prevailing rate, however subject to the qualifying criteria being met the parties may treat the purchase TOGC.
EPC
Pub D(95), Flat A C(71), Flat B C(70), Flat C C(78), Flat D C(76), The Cluster D(67), Apt 1 and Apt 2 C(72).
Summary
Key points
- Opposite University College of Law & New Business
- Previously Let @ £124,540 p.a. (c£100,000 net)
- 8.5% Net Initial Yield after 5.75% purchaser costs
- Pub on effective FRI lease to 2039 @ £47,500 p.a.
- 7 resi units on AST's were producing £75,840 p.a. Gross
- 3 cluster rooms recently vacated, if not let vendor will underwrite rent 3x months
- Tenants unaffected
Contact
OMEETO Ltd
Tel: 01332 840328
Chris Wright
chrisw@omeeto.co.uk
https://www.omeeto.co.uk
EPC
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